Extending the Ride

The slightest hint at a Fed rate cut later this year by Chair Powell this morning apparently served to pop futures higher into the open. As a result, the S&P 500 Index surpassed 3,000 for the first time ever, though that factoid may amount to more ballyhoo than actual substance, since that price level has no technical significance and, at best, is a psychological milestone. Thus, an initial intraday fade off 3,000 would not be too surprising. 

In fact, as I write this I see the small caps dipping into red on the IWM. Indeed, that may very well be enough to slow down the 3,000 train for today.

But the fact remains that many tech stocks are acting well and flashing promising signs for further strength this summer, be it software standouts like OKTA ZEN, biotechs like ARNA, healthcare up-and-comers like NEO, updated below on its daily chart and looking actionable on the long side.

In addition, recent IPOs like BYND ZM are threatening to reignite prior momentum. 

Overall, Powell extending the rate cut hope seems like a plus for bulls. But the meat and potatoes of this market remains the strength cutting across various segments of tech.